Purpose and characterization:
Kik is introducing an open source cryptographic token, named Kin, which is envisioned as a general purpose cryptocurrency for use in everyday digital services such as chat, social media, and payments. Kin will be the unit of account for all economic transactions within the Kin Ecosystem, and it will serve as the basis of interoperability with other digital services.
In character, Kin is a pure cryptocurrency of fixed supply. It is fractionally divisible and long-term noninflationary. However, as described below, only a small portion of the Kin supply will become liquid in the near future, as most of the Kin supply is reserved for the Kin Rewards Engine. Like other cryptocurrencies, units of kin are fungible and transferable, and they will be expected to trade on cryptocurrency exchanges.
Kik is one of the world's most popular messaging platforms, ranked #7 in social networking with Facebook Messenger and WhatsApp, and trending more popular than LinkedIn, according to App Annie. Kik Interactive, Inc. was founded in 2009 by Ted Livingston, along with fellow University of Waterloo student Chris Best. Today, Kik Interactive has over 150 employees.
The size of the user base, its demographics, and its community ethos make Kik a unique venue where cryptocurrency may be introduced, adopted, and utilized by a large mainstream audience. Prior experience with Kik Points suggests that Kik users are amenable to digital currency.
The Kik Points experiment:
Kik Points was introduced to experiment with a transactional unit of account within the Kik application. The project was sunsetted at the end of 2016 to prepare for a more advanced solution that would extend beyond a purely advertising-based use case. However, Kik was able to measure demand and gain valuable insights into user behavior with transactions in a messenger context. During a 2.5 year period from 2014 through 2016, Kik users completed 253 million offers and spent the points earned on 74 million purchases.
The Kik Points experiment was successful, with an average volume of 300,000 transactions per day for its lifetime from 2014 through 2016, reaching 2.6 million transactions per day at the peak. On average, the monthly number of transactions was nearly three times that of the Bitcoin network.
As a result of the Kik Points experiment, Kik learned there is a substantial audience inside of the messenger application for an economy built around chat. It also became clear how to successfully tailor such an economy to Kik’s user base. While today the typical cryptocurrency experience is hardly accessible to the average consumer, Kik Points showed that users did not need to be technologically savvy to use digital currency. For Kik, the Kin project is an opportunity to integrate chat with true digital
commerce within an existing user base.
ALL THIS TEXT IS COPY/PASTE FROM https://kin.kik.com/papers/Kin_Whitepaper_V1_English.pdf
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